Accounting and its Environment in Sri Lanka

Perera, Marga

doi:10.1111/j.1467-6281.1975.tb00045.x

Cited by 23 publications

(13 citation statements)

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“…There is, however, relevant research on financial accounting generally in LDCs (Ahmed and Nicholls, 1994;Abu-Nassar and Rutherford, 1996;Larson, 1993;Wallace and Briston, 1993;Larson and Kenny, 1995;Perera, 1975Perera, , 1989. Larson and Kenny (1995) found no clear association between economic growth, equity market development, and LDCs adopting International Accounting Standards.…”

Section: Privatisation Public Sector Failure and Accountingmentioning

confidence: 99%

“…Ahmed and Nicholls (1994) Abu-Nassar and Rutherford (1996) found that users of annual accounting reports in Jordan doubted their reliability and credibility -users were more interested in collecting insider information by visiting firms and contacting managers. Perera (1975) found Sri Lankan companies were more interested in preparing tax returns than accounting reports. Weak capital markets and poor enforcement of accounting regulations, a culture of tax avoidance, and accounting education inappropriate to the local environment caused a lack of transparency and accountability.…”

Section: Privatisation Public Sector Failure and Accountingmentioning

confidence: 99%

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Accounting for Privatisation in Bangladesh: Testing World Bank Claims

Uddin

Hopper

2003

Critical Perspectives on Accounting

139

142

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The World Bank and the IMF have encouraged many less developed countries (LDCs) to pursue privatisation policies. Development economists and World Bank reports claim this facilitates development by improving controls within enterprises and external regulation of financial markets acting on external accounting reports. This paper questions these beliefs. It compares the postprivatisation performance of companies in Bangladesh examined in a World Bank report with the authors' own research on the same companies. The World Bank report reported that the success of the privatisations established the case for more. In the research reported here, only one of the privatised companies was judged a commercial success, though the unavailability and dubious accuracy of accounting reports prevented any definitive assessment. Above all, the paper questions the narrow criteria adopted by the World Bank report -namely profitability -and the neglect of employment conditions, trade union and individual rights; social returns; and financial transparency and accountability to external constituents. Our evidence suggested that privatisation has not increased returns to society: privatised companies' contributions to state revenue declined in real terms and as a proportion of value added. Transparent external reports failed to materialise as required by law and there was evidence of untoward transactions affecting minority shareholders, creditors, and tax collecting institutions. Internal controls may have become more commercial but at the cost of declining employment, wages, quality of working life, and employee rights. The World Bank claims rest upon efficiency benefits trickling down to all but the effects of privatisation may have been a redistribution of power and wealth to the new owners. This paper argues that the IMF, the World Bank, and Western capitalist states have not provided the technical infrastructure and organisational capacity to execute their neo-liberal privatisation agenda, which rests on dubious socio-economic assumptions. Our unfavourable evaluation of privatisation in Bangladesh is not unique. It has been happening again and again around the World.

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Section: Privatisation Public Sector Failure and Accountingmentioning

confidence: 99%

Section: Privatisation Public Sector Failure and Accountingmentioning

confidence: 99%

Accounting for Privatisation in Bangladesh: Testing World Bank Claims

Uddin

Hopper

2003

Critical Perspectives on Accounting

139

142

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“…Throughout 400 years of colonization by several invaders (Portuguese, Dutch, and British), the country had seen an undermining of the fundamental economic structure that the country had inherited. Since independence, nearly 150 years of British rule had a significant and enduring impact on various social, political, and economic aspects of the country (Perera, 1975). Despite that fact that Sri Lanka experienced colonial influences in her economy, the country played a significant role in South Asia in the educational and professional fields compared to other neighbouring countries in the region.…”

Section: Evolution Of the Accounting Professionmentioning

confidence: 99%

“…The enactment of the Companies Ordinance of 1938, which required that persons appointed to audit company accounts should first be registered, drew attention to the needs to establish a controlling body and to open an avenue for formal admission into the accounting profession in Ceylon (Sri Lanka-The country was known as Ceylon until the name was changed to Sri Lanka in 1972). With this in mind, the Ceylon Accountancy Board (CAB) was established in 1941 by the colonial government to introduce regulations and conduct accountancy examinations to select and recruit suitable members to the Ceylon Registered Accountancy Service (Perera, 1975). Until the late 1950s, there was no local professional accounting body in Sri Lanka except for the CAB.…”

Section: Introductionmentioning

confidence: 99%

The Business of Professional Accountancy and Imperial Influence: Evidence From a Developing Country in South Asia

Ukwatte

Yapa

Joshi

2015

Journal of Asia-Pacific Business

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This article examines the business of providing accountancy qualifications in South Asia and the extent of British influence on the accountancy market using the perceptions of the professional accountants in Sri Lanka. The analysis show that the British accountancy bodies have contributed to the development of accountancy in Sri Lanka and relatively equal contribution has been made by local body-the Institute of Chartered Accountants of Sri Lanka (ICASL). Results show evidence that the British influence is still substantial and continue their business as there is high demand for British accountancy qualifications irrespective of the local accounting qualifications of ICASL.

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“…Mueller (1965Mueller ( , 1967Mueller ( , 1968 has initiated the thesis that accounting is a product of the environment in which it operates. His work has drawn the attention to the need to explain and assess the status of global understanding of IFRS practices and their impact (Carlson 1997;Perera and Baydoun 2007;Perera 1975;Weetman and Gray 1991). …”

Section: Introductionmentioning

confidence: 99%

The adoption of ‘International Accounting Standard (IAS) 12 Income Taxes’: Convergence or divergence with local accounting standards in selected ASEAN countries?

Yapa¹,

Kraal²,

Joshi³

2015

AABFJ

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This article concerns inter-disciplinary research on questions about the socio-economic impact of the adoption and convergence of International Financial Reporting Standards (IFRS) with local standards in selected countries. The article approaches the research in two stages. The first stage concerns the findings and analysis relating to the general impact of the IFRS standards on Singapore and Malaysia. Findings reveal that respondents expressed reservations about cited IFRS adoption benefits, including increases of foreign investment and equity cost reductions; and stakeholder confidence has been eroded by the complex harmonising of principles-based 'fair value' requirements. Debate continues on the application of IFRS regarding standards on financial instruments, real estate and agriculture. Our qualitative research methodology of survey uses institutional theory and stakeholder theory for analysis.The second stage posits further research for IAS12 Income Taxes, given accounting standards are one starting point for tax compliance, and that income taxes form part of financial statements. A test questionnaire was prepared and industry respondents were asked questions on the extent of IAS12's challenges to practitioners in Australia. Keywords IAS 12, income tax, IFRS, Singapore, MalaysiaThis article is available in Australasian Accounting, Business and Finance Journal: http://ro.uow.edu.au/aabfj/vol9/iss1/7 ASEAN countries 4 are being assisted by major development financing institutions, including the World Bank and the Asian Development Bank, mainly due to the development of global capital markets, the growth of multi-national enterprises and the Asian financial crisis in the mid-1990s (Briston 1990, 195-216). As investors and creditors require up-to-date financial statements and reports, the professional accounting practices of ASEAN countries are being increasingly scrutinised. ASEAN countries are thus under pressure to adopt a uniform set of accounting standards. Convergence of local accounting standards with IFRS is now one of the rising concerns among stakeholders with interests in ASEAN countries (Yapa 2012).In June 2011 a forum was held in Bali, Indonesia with the theme of, 'Towards One Global Standard: the challenges and opportunities of IFRS adoption in Asia-Oceania Region'. 5 Delegates from sixteen countries attended the forum to deliver papers and debate issues relating to adoption of IFRS. The presentations and panel discussions highlighted the importance of benchmarking, collegial work among standard setters with other regulatory bodies (including taxing authorities); and professionals to support for IFRS convergence/compliance in the region. Discussions covered the need for tax preparers to understand any differences between the Generally Accepted Accounting Principles (GAAP) and IFRS reporting methods. Thus, along with retraining financial accountants in a new accounting method, organisations will need to ensure other internal preparers, such as tax accountants, understand the different m...

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Accounting and its Environment in Sri Lanka

Cited by 23 publications

References 0 publications

Accounting for Privatisation in Bangladesh: Testing World Bank Claims

Accounting for Privatisation in Bangladesh: Testing World Bank Claims

The Business of Professional Accountancy and Imperial Influence: Evidence From a Developing Country in South Asia

The adoption of ‘International Accounting Standard (IAS) 12 Income Taxes’: Convergence or divergence with local accounting standards in selected ASEAN countries?

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